NEW YORK — Major big tech companies had a strong session on Monday, pushing the Nasdaq higher ahead of U.S. retail sales data and big chain store earnings later in the week.
Shares of Amazon, Google parent Alphabet, Netflix and Meta Platforms rose more than 1% in the latest indication of investor appetite for these ‘mega cap’ stocks whenever they show signs of weakness.
That helped the tech-heavy Nasdaq Composite Index climb 1.1% to end at 13,788.33.
The Dow Jones Industrial Average climbed 0.1% to 35,307.63, while the broad-based S&P 500 gained 0.6% to 4,489.72.
“US stocks rebound as some traders decide to buy the two-week decline despite growing fears over China’s property market,” said Edward Moya of Oanda.
Among individual companies, United States Steel jumped 36.8% after it announced it had received an unsolicited offer from Cleveland-Cliffs to acquire the business.
US Steel has begun “a full and thorough review of strategic alternatives” after “receiving several unsolicited proposals” from potential buyers of the company or certain assets, chief executive David Burritt said.
Cleveland-Cliffs rose 8.8%.
Tesla fell 1.2% following reports that the company has again cut prices in China.
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